America’s Future: Growing Deficit, Shrinking Economy, Imploding Dollar and Exploding Inflation

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Posted by Lorimer Wilson

 

The new debt ceiling deal legislation will add $2.4 trillion to the $14.3 trillion national debt in a little over a year – and we don’t even start saving money until after the debt reaches $16.7 trillion!  This bill doesn’t even cut the deficit.  It just slows the growth of government spending to around 8% a year!  So, even if Congress cuts $2.1 trillion out of the budget over the next 10 years, we will still be running annual deficits of more than $1 trillion…That means that in addition to a deficit that will continue to grow we can look forward to a shrinking economy, an imploding U.S. dollar and exploding inflation. Some future! Let me explain.

Things have turned so negative recently that there is increasing chatter on mainstream media about a third round of quantitative easing, or money printing (QE3) which would surely mean an imploding U.S. dollar and exploding inflation.  What is happening today?  The dollar is tanking, gold is on a tear, and the economy is headed for another fall.

What do you think will happen to tax receipts coming into the federal government if the economy tanks?  If you guessed the government will collect less money in taxes, you are correct.   Not only will the deficit grow, but the $2.4 trillion that is supposed to last through the 2012 election is going to be used up at a much faster pace.

I hate to break this to Congress, but America does not have 10 years to get its house in order.  There have been recent predictions by financial experts of another economic meltdown by the end of 2012 or beginning of 2013… Something has to be done now, and we just lost an opportunity to truly turn the ship of state around.

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